As reported in the minutes of the Tuesday meeting, the RAO UES of Russia (RTS: EESR, EESRP) strategic and restructuring committee has rubberstamped lists of the energy holding company’s shareholder candidates for the boards of directors of five Wholesale Generating Companies (WGC) to be created on the basis of thermal power plants.
Particularly, the committee has proposed ESN, Equinox and Gazprombank representatives as candidates for the Board of Directors of WGC No. 1; Gazprombank, Halcyon and Integrated Energy Systems representatives, for WGC No. 2; SUEK, Hansberger Global Advisors and Interros representatives, for WGC No. 4; SUEK, Kiuru Partners and Yevrazholding representatives, for WGC No. 6. As noted above, the meeting also qualified candidates for the Board of Directors of WGC No. 3, whose establishment was approved by RAO UESR's Board of Directors. The candidates include Yevrazholding, Hermitage Capital Management and Interros representatives. At an earlier meeting, the committee recommended that Wealth Management, Integrated Energy Systems and ESN representatives, by one from each, be included in the Board of Directors of WGC No. 5 which had become a “pilot” one.
So, the committee has validated candidates for all six WGC boards. When the issue of creating WGCs was initially discussed, RAO UESR's Board of Directors agreed to include in the WCG boards at least two candidates representing the energy holding company’s minority shareholders (WGCs are being created as 100% subsidiaries of RAO UESR). Thus, the third candidate in the committee’s recommendations is a “reserve” one in case the RAO UESR board agrees to a minority representation of three.
When drawing the lists, the committee complied with the following principles: each WGC board must include one portfolio and one strategic minority shareholder of RAO UESR; a candidate representing RAO UESR minority shareholders as well as representatives of the same company (or the same group of affiliated companies) cannot be board members of more than two WGCs at the same time.
WGC No. 1 will be created on the basis of Verkhne-Tagilskaya, Nizhnevartovskaya, Urengoiskaya, Iriklinskaya, Permskaya and Kashirskaya TPPs; WGC No. 2, Pskovskaya, Stavropolskaya, Trotskaya TPPs, Surgutskaya TPP-1 and Serovskaya TPP; WGC No. 3, Kostromskaya, Cherepetskaya, Pechorskaya, Gusinoozerskaya, Kharanoiskaya and Yuzhnouralskaya TPPs.
WGC No. 4 is to be based on Shaturskaya, Smolenskaya TPPs, Yaivinskaya TPP-16, Surgutskaya TPP-2 and Berezovskaya TPP-1; WGC No. 5, Reftinskaya, Sredneuralskaya, Nevinnomysskaya and Konakovskaya TPPs; WGC No. 6, Ryazanskaya, Kirishskaya, Cherepovetskaya TPPs, TPP-24 Mosenergo (RTS: MSNG), Novocherkasskaya TPP and Krasnoyarskaya TPP-2. |
